External manager Investec Property plans to raise about R1bn by selling 76.9-million new units in its Australian fund
Investec Australia Property Fund CEO Graeme Katz. Picture: SUPPLIED
The company planned to lodge a “product disclosure statement” regarding the unit offering with the Australian Securities and Investment Commission “shortly”, Investec Australia Property Fund said on Friday. The final subscription price was expected to be between A$1.30 and A$1.35. About A$100m was expected to be raised and the proceeds would be used to repay debt and pay the costs associated with the offer.
The fund’s distributions to unitholders for the year to end-March grew 2% to 10.23c before withholding taxes, or 1.2% to 9.40c after subtracting withholding taxes, it said. Even if all 45-million units were transferred to other institutions, Investec Property Fund would still retain an about 10% stake in Investec Australia Property Fund, it said.
“The potential portfolio is expected to comprise 21 properties, of which four assets located in the Netherlands have already been acquired,” Investec Property Fund said.The investment was expected to generate total returns “that significantly exceed the fund’s cost of capital”.
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